Developing new products is challenging and involves many steps. Ideas must be turned into viable products that appeal to target markets. Choosing the right product concept, securing financing, assembling an expert team, designing for functionality, manufacturability and regulations, setting up production, and helping with initial marketing are all difficult parts of the process. Success is not guaranteed, so long-term planning is challenging.
Developing new products is challenging and involves many steps. Ideas must be turned into viable products that appeal to target markets. Choosing the right product concept, securing financing, assembling an expert team, designing for functionality, manufacturability and regulations, setting up production, and helping with initial marketing are all difficult parts of the process. Success is not guaranteed, so long-term planning is challenging.
Developing new products is challenging and involves many steps. Ideas must be turned into viable products that appeal to target markets. Choosing the right product concept, securing financing, assembling an expert team, designing for functionality, manufacturability and regulations, setting up production, and helping with initial marketing are all difficult parts of the process. Success is not guaranteed, so long-term planning is challenging.
Ideas and concepts need to be converted into products and services, but the
process is full of challenges. Turning an idea into a marketable product is complex
and complicated. All steps need to be executed correctly to create a product that appeals to a particular market. Once your company has created several viable new products, its services could be in great demand. Therefore it is important to understand the challenges of launching and developing new products and services. CONCEPT The first challenge you face when developing new products is choosing a concept that has potential. A good idea is only a first step and often isn't viable because of cost, production difficulties or regulatory limitations. You can only work on projects for which you can establish a reliable path through development. FINANCING Developing new products is expensive and risky. You have to make sure it will receive compensation in line with the risk it is assuming. Common models range from a low-risk one where an inventor pays a new product development company a fee for the development, to one where the company arranges financing with its own resources or with outside investors and receives a share of the profits. TEAM You might have a permanent team made up of people with varied expertise to evaluate and choose projects, but you need specialists once you are developing a particular product. Assembling a team that can handle the design, create the production drawings, set up manufacturing and identify the target markets for a specific product is challenging. While the work is interesting, long-term planning is difficult, because the success of the project is not certain. DESIGN To ensure a successful product development, you have to design a product that has functionality foreseen by the inventor and attractive to the target market. You must be able to manufacture the product at a reasonable cost, and it has to meet safety regulations. The challenge is for the designers to keep all these aspects in mind while creating a product that will sell. PRODUCTION You have to establish limits to involvement. New product development usually does not include manufacturing products for sale but does include help with setting up the production line and preproduction validation of the design. You have to show that your product can be built for the cost you estimated and that it will work as planned. You may also develop customer documentation and instruction manuals MARKETING While you may help with identifying target markets, establishing possible marketing concepts and test marketing, carrying out the marketing plan is usually the job of a company that will handle the developed product. Your involvement normally ends with a successful product launch, although you may continue to act in an advisory capacity, especially if your compensation includes a share of the future profits.